JERSEY CITY, N.J. – CBRE Group, Inc. announced today that it has arranged the sale of 2866 John F. Kennedy Boulevard in Jersey City, N.J. for approximately $1.2 million. The three-story mixed-use building is fully occupied, with Subway residing in its ground floor retail space and occupied multifamily apartments comprising the second and third floors. The 4,200-square-foot property is located in the heart of Journal Square, one of the most active markets in the Tri-State area.
CBRE’s Tri-State Investment Properties team of Charles Berger and Mark Silverman of New Jersey Investment Properties and Elli Klapper of New York Investment Properties represented the seller in the transaction. The CBRE team was able to secure record pricing in terms of price-per-unit, in-place cap rate and price per sq. ft. The transaction offers an excellent upside for the income buyer upon the expiration of current below-market leases.
“The CBRE Investment Properties team is one of the most active in the Jersey City area, having closed three deals in the last month valuing approximately $25 million,” said Mr. Berger. “Journal Square is one of the hottest markets in the Tri-State region and we just recently put three more deals into contract for record pricing, with several more on the way. We are actively assisting owners in monetizing their commercial and multifamily properties and are working with buyers throughout the country who want to break into this booming market.”
Located directly across from the Journal Square path station, 2866 John F. Kennedy Boulevard is situated in a prime location for commuters. The area – which is in a clear upswing of retail and residential rentals – is surrounded by national and local retailers and is in the immediate vicinity of 30 projects in various stages of development.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com .